News release: SmartFi to produce first minable stablecoin and payment system without transaction fees
SmartFi USD (SFUSD) native protocol coin and speculative SmartFi Token (SMTF) will provide payments and loans systemsand together balance the SmartFi economy
July 21 2021: SmartFi, the compliant, open cryptocurrency platform announces its project to develop the world’s first minable stablecoin. The SFUSD stablecoin will not require a burn-mint protocol or USD-fiat-peg in order to maintain an exact correlation to the US Dollar, using the proprietary SmartFi Commodity Layer Protocol.
The minable SFUSD stablecoin will serve as the SmartFi platform’s native stablecoin, while the SMTF speculative token will be used as the native platform coin. The block reward is a portion of the interest received from loans issued on SmartFi’s open lending platform, which incorporates cryptocurrency monetary policy. This block reward removes the need to charge transaction fees.
The SFUSD stablecoin will be produced in a decentralized mining process; because it is stable it can also be issued and purchased outside of the mining process with no limit on its supply. Together, the two coins create a highly accurate mechanism needed for a unified currency pair, providing a payment system and bringing balance to the SmartFi economy.
SmartFi’s innovative Commodity Layer Protocol is the borrower and lender matching process which distributes the block reward. It leverages Komodo SmartChain technology, and Namecoin’s merged mining system to create SmartFi USD (SFUSD) and SmartFi Coin (SMTF). Delayed Proof of Work (dPoW), Komodo’s signature security solution, will provide an additional layer of protection for SFUSD native protocol coin.
SmartFi offers both Defi and Cefi functionality with easy-to-use financial tools to earn, trade, and lend crypto. The platform includes four main products: SmartInterest (crypto savings platform), SmartLoan (crypto lending platform), SmartTrade (CEX aggregator), SmartExchange (centralized exchange), and SmartDEX (decentralized exchange). The development team from Komodo has been working with SmartFi to create the SmartDEX, powered by Komodo AtomicDEX API as well as several additional blockchain technologies.
SmartFi CEO Aaron Tilton commented: “This first minable stablecoin is a landmark in cryptocurrency development. The profound effects of a minable stablecoin and SmartFi’s cryptocurrency monetary policy will make our cryptocurrency practical and usable in everyday life.”
SmartFi is a regulatory compliant, open finance platform for cryptocurrency which includes decentralized and centralized solutions with a built-in fiat gateway. It offers a suite of services including a custom public blockchain, decentralised exchange, centralised exchange, cryptocurrency-backedlending, coin interest accounts, OTC trading, options and derivatives trading in BTC, ETH, and various other digital assets, institutional trading desk.
SmartFi is a DBA of PowerBlock Coin LLC: Power Block Coin Ltd, owned by Blue Castle Holdings Inc.